Northeast

CBRE Brokers Sale of 92,431 SF Lifestyle Center in New Jersey

by Amy Works May 5, 2016

DENVILLE, N.J. — CBRE Group has arranged the sale of The Shoppes at Union Hill, a lifestyle center located at 3056 State Route 10 West in Denville. Stanbery Development sold the 92,431-square-foot retail property for an undisclosed price. Built in 2003, the property was 93 percent occupied at the time of sale to a variety of tenants, including Gap, Pier 1 Imports, Banana Republic, Ann Taylor LOFT, Talbots, Jos. A. Bank, Starbucks Coffee and Panera Bread. Brad Nathanson and Jeff Dunne of CBRE represented the seller in the transaction. The name of the buyer was not released.

May 5, 2016

New York Northeast

C-III Realty Services Combines Operations with NAI Global

by Amy Works May 5, 2016

NEW YORK CITY — C-III Realty Services, an institutional commercial real estate capital markets firm, has combined operations with NAI Global, a global commercial real estate services firm with more than 375 brokerage offices and over 6,700 professionals globally. Through this combination, C-III Realty Services will become NAI Global Capital Markets and bring a growing team of 25 capital markets professionals in New York, Dallas and Nashville to the firm. “This combination is another step in our long-standing strategic objective to scale NAI Global and enhance our stature as an industry leader,” said Jay Olshonsky, president of NAI Global. “We are now even more strongly positioned to compete head-on in both size and full-service capabilities with the largest firms in commercial real estate services.” Including C-III Realty Services’ transactions, NAI Global will have completed more than 2,000 investment sales transactions, totaling approximately $16 billion, over the last five years.

May 5, 2016

Northeast Pennsylvania Retail

Bennett Williams Arranges $7.4M Sale of Shopping Center in Pennsylvania

by Amy Works May 5, 2016

CHAMBERSBURG, PA. — Bennett Williams Commercial has brokered the sale of Gateway Center, a shopping center located at 400-498 Gateway Ave. in Chambersburg. Gateway Ventures Inc. sold the 49,882-square-foot property to 400 Gateway Associates Inc. for $7.4 million. Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial represented the seller in the transaction.

May 5, 2016

Hospitality Massachusetts Northeast

Hilton Worldwide Opens 293-Room DoubleTree by Hilton Boston Andover

by Amy Works May 5, 2016

ANDOVER, MASS. — Hilton Worldwide has opened DoubleTree by Hilton Boston Andover, located at 123 Old River Road in Andover. The five-story, 293-room hotel features guest rooms with 50-inch high-definition televisions, mini refrigerators, coffeemakers, clock radios, complimentary Wi-Fi; 24-hour fitness center; a heated pool and hot tub; computer station; and a restaurant and bar. The property, which recently underwent a renovation, is owned and managed by Linchris Hotel Corp.

May 5, 2016

Industrial Loans New Jersey Northeast

The Donato Group Receives $6.7M Acquisition Loan for Industrial Property in New Jersey

by Amy Works May 5, 2016

EATONTOWN, N.J. — The Donato Group has received a $6.7 million loan for the acquisition of a 106,918-square-foot industrial flex property located at 34-38 Industrial Way East in Eatontown. Michael Klein of HFF arranged the five-year, floating-rate loan, provided by Lakeland Bank, for the borrower. The two-building facility features 14 individual flex units ranging in size from 3,000 square feet to 17,000 square feet. At the time of acquisition, the property was 83.6 percent occupied. Current tenants include Paw BioScience, Hanro of Switzerland, Augustine Consulting Inc., Alkaline Corp., KruseCom and Meridian Health.

May 5, 2016

Loans New York Northeast Office

Paramount Group Completes $500M Refinancing of 786,647 SF Office Building in Midtown Manhattan

by Amy Works May 4, 2016

NEW YORK CITY — Paramount Group Inc. has completed a $500 million refinancing of an office building located at 31 W. 52nd St. in Midtown Manhattan. The 10-year loan is interest only at a fixed rate of 3.8 percent. Eastdil Secured represented Paramount in the financing transaction. The loan was arranged with AXA Equitable Life Insurance Co., through its advisor Quadrant Real Estate Advisors LLC, and Metropolitan Life Insurance Co. The company realized net proceeds of $65 million after the repayment of the existing loan, swap brokerage costs and closing costs. The 786,647-square-foot property was previously encumbered by a $413.5 million loan that was scheduled to mature in December 2017 and had a weighted average interest rate of 4.23 percent.

May 4, 2016

Loans Massachusetts Northeast Office

Colliers Arranges $133M in Financing for 500,000 SF Office/Retail Building in Boston

by Amy Works May 4, 2016

BOSTON — Colliers International has arranged $133 million in financing for Park Square Building, an 11-story office and retail building located at 31 St. James Ave. in Boston’s Back Bay neighborhood. Capital Properties took on the loan to replace existing debt and provide capital expenditures for the 500,000-square-foot building including improvements to the lobby and common areas, tenant improvements and leasing commissions. Aareal Capital Corp. provided the three-year loan, which features an interest-only floating rate and two options to extend for one year each. At the time of closing, the asset was 96 percent occupied by a diverse tenant roster, including WeWork, Fiksu, Yahoo, Goji, HNTB and six foreign embassies. Kevin Phelan, Stephen Horan and Patrick Boyle of Colliers represented the borrower in the financing deal.

May 4, 2016

Industrial Massachusetts Northeast

Calare Properties Acquires 119,000 SF Warehouse/Retail Building in Massachusetts

by Amy Works May 4, 2016

STOUGHTON, MASS. — Calare Properties has acquired a warehouse and retail building located at 301 Page St. in Stoughton. The 119,000-square-foot property was purchased for an undisclosed sum. The Class A property is currently fully occupied by Boston Interiors. Built in 2004, the property features 10,000 square feet of office space; 9,000 square feet of showroom space; and 100,000 square feet of high-bay warehouse space. Situated on 17.1 acres, the facility also features 36-foot clear ceiling heights, 16 dock-high doors, two trash dock doors and 113 surface level parking spaces. The name of the seller was not released.

May 4, 2016

Loans New York Northeast Office

Houlihan-Parnes Arranges $30M Loan for 220,000 SF Office Condo in the Bronx

by Amy Works May 4, 2016

NEW YORK CITY — Houlihan-Parnes Realtors has placed a $30 million first mortgage on a 220,000-square-foot office condominium at 1775 Grand Concourse in the Bronx. The seven-year, non-recourse loan features a fixed rate with interest-only payments for two years and an option to extend. The mortgage covers a commercial condominium interest in the 300,000-square-foot building that shares ownership with Verizon, which owns the first two floors of the building. Current tenants of the property include Con Edison, Special Citizens Futures Unlimited, Inovalon SME Inc., Safe Horizon, The Bronx Lebanon Hospital Center, Public Health Solutions and Abbott House. Bryan Houlihan and James J. Houlihan of Houlihan-Parnes represented the undisclosed borrower in the transaction.

May 4, 2016

Northeast Office Pennsylvania

Bennett Williams Commercial Brokers $13.1M Sale of Office Park in Pennsylvania

by Amy Works May 4, 2016

LANCASTER CITY, PA. — Bennett Williams Commercial has arranged the sale of an office park located at 1300 Marshall Ave. in Lancaster City. Brook Farms Development acquired the 60,000-square-foot property from Stockyards Development for $13.1 million. Jeff Herr of Bennett Williams Commercial represented the buyer and seller.

May 4, 2016

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